The Shuibei jewelry market saw a sharp rise in holiday shopping during the just-concluded National Day break, with average daily foot traffic nearing 60,000 and sales up 28% year on year. File photo

The Shuibei jewelry market saw a sharp rise in holiday shopping during the just-concluded National Day break, with average daily foot traffic nearing 60,000 and sales up 28% year on year.

Located in Luohu District, Shuibei is China’s largest fine jewelry market and a major hub in the global jewelry supply chain. It is also known as the “Jewelry Capital of Asia.” The area is a major wholesale center, accounting for roughly 60% of China’s gold trading and 70% of the country’s diamond wholesaling.

At venues including Shuibei IBC, crowds filled exhibition halls, with customers gathering at counters to check prices and browse designs. Queues formed at elevators and walkways, while out-of-town cars lined up at parking entrances. Some visitors arrived with their luggage and headed directly to the shops.

Merchants said foot traffic in the first days of the holiday was nearly two to three times its usual level. Staff worked through busy shifts, and some popular designs sold out. One factory offered employees triple wages for overtime, with its stockpiles reaching three times normal levels.

Wedding jewelry and lightweight gold pieces were among the best sellers. Gold pieces for wedding remained popular, while demand from younger consumers for gold bought as a personal treat also grew. Lightweight pure-gold pendants and bracelets were particularly popular. One merchant said daily gold jewelry sales reached about 200 to 300 grams, one to two times the usual level. A shop owner said sales in the first few days of October were about 20% higher than at the end of September.

During the holiday, the real-time price of jewelry gold in Shuibei was about 1,061 yuan (US$158.30) per gram — roughly 200 yuan less than at brand-name gold stores. Merchants and visitors cited transparent pricing, a wide range of designs and wholesale prices for single items as reasons Shuibei has become a popular destination for tourists.

Customer traffic had already begun to rise after the Mid-Autumn Festival (Sept. 25-27 this year), according to market figures. The fourth quarter is traditionally a peak season for gold jewelry, and a stable decline in gold prices during the National Day holiday encouraged some consumers who had been waiting to buy.

Some analysts say Shuibei is developing beyond its traditional role as a wholesale distribution center and becoming a destination for consumer experiences. They expect the combination of cultural tourism and jewelry shopping to support future growth. Merchants were optimistic about demand in the fourth quarter.